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Assessing and addressing the coronavirus-induced economic crisis: Evidence from 1.5 billion sales invoices

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  • Chen, Zhuo
  • Li, Pengfei
  • Liao, Li
  • Liu, Lu
  • Wang, Zhengwei

Abstract

We probe the effects of the COVID-19 pandemic and the subsequent containment policies on business activities in China by exploiting 1.5 billion sales invoices. Using a difference-in-differences approach, we estimate that the average drop in sales is between 23% and 35%, depending on firm size, for the 12-week period after Wuhan's lockdown. Firms in industries requiring more intensive face-to-face interactions suffer more. Also, cities relying on investment-driven economic growth are more resilient. Lastly, governments' economic stimulus policies are more effective for medium-sized and large firms. Our findings shed new light on the policy debates on supporting business during the pandemic.

Suggested Citation

  • Chen, Zhuo & Li, Pengfei & Liao, Li & Liu, Lu & Wang, Zhengwei, 2024. "Assessing and addressing the coronavirus-induced economic crisis: Evidence from 1.5 billion sales invoices," China Economic Review, Elsevier, vol. 85(C).
    • Handle: RePEc:eee:chieco:v:85:y:2024:i:c:s1043951x24000336
    DOI: 10.1016/j.chieco.2024.102144
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    More about this item

    Keywords

    COVID-19; Pandemic; Invoices; Firm sales; Economic stimulus;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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